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Author Topic: 💥[ANN]💥ETHEREUM BEACON - A rapid transition to Proof-of-Stake ✈️  (Read 6500 times)
beaconchain
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July 24, 2019, 06:22:44 PM
Last edit: August 08, 2019, 02:44:38 PM by beaconchain
 #1




       




OUR WORK


Ethereum Beacon aims to be the world computer for the next generation of decentralized applications. To do this, we are building a highly scalable new blockchain that will introduce a whole host of advanced solutions, including sharding, a validator-based PoS consensus protocol, and an improved virtual machine, Beacon Assembly.


The project will resolve the pending network capacity issue of Ethereum without compromising the security of the system. At the same time, it will promote the ideals of distributed democracy through its Proof-of-Stake scheme, which will level the opportunities of all transaction validators, from individual GPU users to large mining operations. This and many other solutions will make EBEA the ultimate programmable money that Ethereum was originally designed to be.





A new consensus system


Ethereum Beacon will take network capacity to a new level with the introduction of a revolutionary transaction validation system. The central PoS chain – the Key chain - will be responsible for storing and updating the registry of validators. To become a validator, a user will need to make a security deposit, which will minimize the risk of abusive behaviour. The Key chain will also process its own block-by-block consensus and cross-links – sets of confirmations by validators that allow to insert a shard segment into the Key chain. In short, it will be the foundation on which the sharding system is built.


The combination of internal and cross-shard consensus, independent validation within each shard, and a system of deposits will create a fast, efficient, and secure network environment that can easily scale and accommodate dApps of all types. Validators will earn a stable return on their deposit investment, while the transition to PoS will solve the problem of energy waste and achieve real decentralization – free from the hegemony of mining farms.
       
Sharding – the most efficient way to scale


In Ethereum Beacon, there is no need for each node to confirm every single transaction. Instead, the network is split into numerous shards – segments of the state that work independently, confirming different transactions and powered by different sets of validators. Shards interact with the Key chain via cross-links – special messages that indicate that the state of a shard with its recently confirmed operations can be safely included into the main chain. Since the number of confirmations is still high, the security will not be compromised in Ethereum Beacon.




Implementation phases


Phase Alpha: transition to a new PoS/validation system


Phase Beta: Implementation of Basic Sharding


Phase Gamma: Sharding with EVM/EWASM


Phase Delta: to asynchronous cross-sharding, exponential sharding and beyond




Phase Alpha: transition to a new PoS/validation system


Phase Alpha will mark the transition to a hybrid model of consensus, where Proof-of-Work and Proof-of-Stake will coexist for a while. After the mainnet is launched and the EBEA tokens are distributed in a massive airdrop, a completely new blockchain will be created, called the Key chain. While it will not include sharding yet, it will help users adapt to the new consensus model.


In this first phase, users who wish to become validators will have to make a security deposit and will start receiving a stable PoS mining revenue. We do not expect large mining pools to disappear from the scene, however: nothing prevents users and institutions to control several validator nodes. However, mining companies will not have any advantage over independent miners in terms of their chances to confirm a transaction and receive a payment.


At this stage, EBEA coins will not be freely transferable between the original PoW chain, created for the migration of the network state and the purposes of the airdrop and bounty campaigns, and the new PoS key chain.




Phase Beta – Implementation of Basic Sharding


In this second phase, an initial implementation of the sharding system will be integrated with the Key chain. The solution will follow the principle of database sharding, which is widely used in IT. Various parts of the Ethereum Beacon network state will be stored by different nodes.


The key objective of Phase Beta is to construct a valid sharding network and test how the new consensus and validation procedures will work on it. At this point, the Ethereum Beacon network will not use sharding for the actual execution of transactions and recording of account balances.


We will introduce rules for shard block fork choice, header verification, body verification, and crosslink verification.




Phase Gamma: Sharding with EVM/EWASM


At this stage, Ethereum Beacon will complete its migration to the new Key chain network. Sharding will be fully implemented, including transaction confirmations and recording of account balances done on individual shards.


Validators will begin receiving higher rewards but will also face a higher degree of responsibility: any abusive behaviour will be punished by exclusion from the validation pool and a potential loss of their security stake.


Ethereum Beacon will develop a faster, more portable alternative to the outdated Ethereum Virtual machine, called Beacon Assembly. It will become the new runtime environment for executing smart contracts. Beacon Assembly will be specifically optimized to run code as fast as a native machine. It will support smart contracts written not only in Solidity, but also in C, C+, Go, Rust, and other languages.




Phase Delta: asynchronous cross-sharding, exponential sharding and beyond


At this stage, the migration of most dApps from the old virtual machine to Beacon Assembly will be complete, and a host of new applications will be developed using the new VM. This will allow to move on to truly exciting opportunities.


One of them is cross-shard transactions – performing transactions that instantly and automatically change the state of multiple shards, with asynchronous execution in different blocks. Asynchronous cross-sharding is essential for a proper scaling of the sharding system.


Yet another interesting solution that Ethereum Beacon plans to implement is exponential sharding – the ultimate scaling solution of the future, based on splitting every shards into numerous second-level shards (quadratic sharding) and then potentially dividing those into even smaller shards. This can increase the network capacity to a level that is impossible even for such networks as Visa and Mastercard.


_______________________________________________________________________________ _________________________________________


launch date: August 8, 2019


       

Wallet - https://beacon-wallet.com
Website - https://ethereum-beacon.com
Whitepaper - https://ethereum-beacon.com/whitepaper.pdf
FAQs - https://ethereum-beacon.com/faq.html


contact@ethereum-beacon.com
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July 24, 2019, 07:00:57 PM
 #2

The project is worthy of attention, the demand from the community is guaranteed.

I will be happy to follow the development of the project. I hope that the launch will take place on time.

Yes, the launch of the network on August 8, the timing should not be violated. In General, the project looks very attractive.
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July 24, 2019, 07:11:42 PM
 #3

Will there be a signature campaign here?
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July 24, 2019, 07:18:50 PM
 #4

Will there be a signature campaign here?
They have now launched bounty campaign and you can also participate in signature campaign https://bitcointalk.org/index.php?topic=5168539.0 I also took part to join telegram campaign Grin

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July 24, 2019, 07:23:56 PM
 #5

How will the Proof-of-Stake mining work in Ethereum Beacon? What are the features?
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July 24, 2019, 07:41:33 PM
 #6

What's the total number of coins the new chain will start with?
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July 24, 2019, 07:54:13 PM
 #7

Might be worth attention, let's see. It is not clear how to read FAQ on the site from mobile at first look - you click on the question, nothing happens, because answer is actually in non visible area below the screen. I've thought it is broken, before found an answer.

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July 24, 2019, 07:56:44 PM
 #8

I store my ether in an exchange account.Will I still get free EBEA coins?
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July 24, 2019, 08:06:33 PM
 #9

I store my ether in an exchange account.Will I still get free EBEA coins?


No you need to move them to your own wallet for the snapshot, then you can move them back afterwards.

https://ethereum-beacon.com/faq.html
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July 24, 2019, 08:22:57 PM
 #10

How many developers / other members your team has and are you going to reveal your identities?

 
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July 24, 2019, 08:23:55 PM
 #11

This project seems to me very promising in terms of coin earnings, but I did not find the information on which exchange the coin will be traded.

I suppose that depends on which will list for free and how much can be raised/donated to pay the listing fees the others charged.
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July 24, 2019, 08:26:09 PM
 #12

How many developers / other members your team has and are you going to reveal your identities?

https://ethereum-beacon.com/faq.html

Quote
The identities of the team will be revealed at the end of Phase Alpha.
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July 24, 2019, 08:31:04 PM
 #13

Why switch to the PoS Protocol in the future, what will it give to users?
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July 24, 2019, 08:31:37 PM
 #14

when is the transition to POS going to take place?

This project seems to me very promising in terms of coin earnings, but I did not find the information on which exchange the coin will be traded.

I suppose that depends on which will list for free and how much can be raised/donated to pay the listing fees the others charged.

stex? its the only exchange so far that i see that's easy to add some coins. this will have a hard time trying to list their token in an exchange. there ain't going to be an easy way to be there on top anymore.  sharding will become common to projects in the future so you'll how this project survives. is this an ICO or what?

 
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July 24, 2019, 08:39:23 PM
 #15

.. is this an ICO or what?

No, they are doing a snapshot of all ethereum addresses, then giving all eth holders their new coin. If you hold eth in a few weeks when they do the snapshot you get their new coin.
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July 24, 2019, 08:40:06 PM
 #16

Why switch to the PoS Protocol in the future, what will it give to users?

PoS will solve the problem of energy waste and achieve real decentralization – free from the hegemony of mining farms. Grin
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July 24, 2019, 10:21:37 PM
 #17

Any information on the project team is it possible to have it? it will be good for the community too. It's a project to look how will evolves in the future.

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July 24, 2019, 10:33:11 PM
Last edit: August 10, 2019, 03:45:15 PM by dkbit98
 #18

I can not see any team info anywhere.
I checked website and no word about it,
but on first sight this project looks  better than 99% bs posted.

Would be nice to hear form the team.

info from website:
https://ethereum-beacon.com/faq.html

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July 24, 2019, 10:41:31 PM
 #19

I can not see any team info anywhere.
I checked website and no word about it,
but on first sight this project looks  better than 99% bs posted.

Would be nice to hear form the team.

from website:

Why is the team anonymous? Are you part of the core Ethereum dev team?
Our team is independent from the ETH core devs, but all our coders have an extensive experience with EVM and dApps. They choose to remain anonymous for the moment due to their simultaneous involvement in several other projects that could create an unnecessary publicity and interfere with the work on Ethereum Beacon. The identities of the team will be revealed at the end of Phase Alpha.

https://ethereum-beacon.com/faq.html

Thanks for the info mate, if i look at the WHITEPAPER it say ,Phase Alpha: transition to a new PoS/validation system (Q3 2019 – Q1 2020) still few month, not much .

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DjonSnou1
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July 25, 2019, 05:31:49 AM
 #20

What is the purpose of the project? What are the advantages? What problems will be solved?
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